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Financing

A

Apollo7011

macrumors member
Original poster
Nov 15, 2009
40
0
How strict is apple about the baylard or whatever the name is financing cards?I'm currently 19 and have pretty good credit for my age but will it be enough? Does it help if I contribute alot of money to it like let's say I'll put half on my visa and then throw the rest on the baylard card. Or maybe that doesn't do anything? Sorry I'm a noob when it comes to credit :p thx
 
That last line leads me to believe that you shouldn't go this route. The penalties and interest aren't exactly the greatest, so I'd recommend waiting until you have the money.
 
You will not be approved for a line of credit through Apple/Barclays. You just...won't. Try a student loan.

Reasoning: at 19 you will not have sufficient credit history to build a great profile. Even if you have zero util and a decent amount of credit (500-1000) , the length will simply be too short.
 
If you can qualify, you're best bet is probably the 0% interesting financing from Best Buy. I think they do 18 months by default, but I've seen 3 year 0% deals come up once and a while.
 
thegoldenmackid said:
That last line leads me to believe that you shouldn't go this route. The penalties and interest aren't exactly the greatest, so I'd recommend waiting until you have the money.
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Spot on.

OP, you are a credit card company's ideal customer: Someone who doesn't understand how it works, but wants shiny things.
 
Apollo7011 said:
Does it help if I contribute alot of money to it like let's say I'll put half on my visa
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What do you mean by this? Put half on your Visa? Half of what?

Are you at least making the minimum payment?

and then throw the rest on the baylard card. Or maybe that doesn't do anything?
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Rest of what? Is it enough to make the minimum payment?
 
He's saying that if buying a $2000 Mac, he'd want to put $1000 on his Visa, then finance the other $1000 through Barclays.
 
I was hoping to get the 18mo no interest/apr. I could easily pay for it that way. I can easily do like 70 a month and throw the other half on my visa. I just don't want to go insta broke when I buy it. Why is the 18 mo no interest deal a bad idea?
 
Apollo7011 said:
I was hoping to get the 18mo no interest/apr. I could easily pay for it that way. I can easily do like 70 a month and throw the other half on my visa. I just don't want to go insta broke when I buy it. Why is the 18 mo no interest deal a bad idea?
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You won't qualify for 0%.
 
^^^^Agreed.

Apollo7011 said:
I was hoping to get the 18mo no interest/apr. I could easily pay for it that way. I can easily do like 70 a month and throw the other half on my visa. I just don't want to go insta broke when I buy it. Why is the 18 mo no interest deal a bad idea?
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How/when are you going to pay for the half that's on your Visa?
 
Eddyisgreat said:
Reasoning: at 19 you will not have sufficient credit history to build a great profile. Even if you have zero util and a decent amount of credit (500-1000) , the length will simply be too short.
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That's really a generalization. You can have decent credit at age 19. It's not the norm obviously, but you can get accepted by Barclays.
 
Apollo7011 said:
Does it help if I contribute alot of money to it like let's say I'll put half on my visa and then throw the rest on the baylard card.
Click to expand...
Read Barclays terms. To get the no finance charge for XX months, there is a minimum amount that you must charge to the Barclays card. If you put too little on the Barclay card, it won't qualify for the special financing.
 
Okay so now I'm home, let me clarify this a little more. So I'm going to be buying the 17" MBP. What I want to do is charge $1,500 to my visa, which will be payed off in a month when I get my bank statement. I want to throw the rest (probably about $1,200-1500) on the barclay card. My purchase would qualify for the 18 mo deffered interest. I would probably end up paying it off in 12 months. I have a strong feeling I won't qualify though.

EDIT: Also, what is so bad about financing? Especially if i KNOW I will have it payed in full before the 18 mo is up?
 
Apollo7011 said:
Also, what is so bad about financing? Especially if i KNOW I will have it payed in full before the 18 mo is up?
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Nothing. Especially if you are paying off the Visa right away and getting 0% on the rest. It will only help build your credit history. Mostly what people are saying is, even if you think you KNOW, you don't always really know what your situation is going to be 6 months/yr from now.
 
I was approved for the Barclays card at age 18 all on my own. It started out at $1200 credit, not enough to buy the Mac that I wanted so I ended up using it to buy an HP computer. Once I paid the balance off, I was able to get a credit increase to $2000. Now my limit is is over $3,000 and I don't use it because of that fact. I once used it to buy a Mac Pro and when I paid $100 one month, about $80 of that went to pay the interest so I had to make higher payments to actually pay it off within a year. It's very hard for anyone to get the 0% financing, you have to have a very high credit score.

The interest rate was high, I think to start out it was like 22% but when my limit increased to over $3,000, I called to have the rate lowered and now it's 12%.

If you can, pay cash for the computer. That's what I did with my 15" MBP last month and now I don't have a monthly payment. It's too easy when the first month comes up to want to use the money for other things and you are 19 so you probably have this compulsion to spend it when you get it.
 
SpaceKitty said:
I was approved for the Barclays card at age 18 all on my own. It started out at $1200 credit, not enough to buy the Mac that I wanted so I ended up using it to buy an HP computer. Once I paid the balance off, I was able to get a credit increase to $2000. Now my limit is is over $3,000 and I don't use it because of that fact. I once used it to buy a Mac Pro and when I paid $100 one month, about $80 of that went to pay the interest so I had to make higher payments to actually pay it off within a year. It's very hard for anyone to get the 0% financing, you have to have a very high credit score.

The interest rate was high, I think to start out it was like 22% but when my limit increased to over $3,000, I called to have the rate lowered and now it's 12%.

If you can, pay cash for the computer. That's what I did with my 15" MBP last month and now I don't have a monthly payment. It's too easy when the first month comes up to want to use the money for other things and you are 19 so you probably have this compulsion to spend it when you get it.
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OP, pay attention to this guy, especially the bold part. You will not get 0% being 19 with little credit history.
 
r.j.s said:
OP, pay attention to this guy, especially the bold part. You will not get 0% being 19 with little credit history.
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Gotcha, but im still confused. If its 18 months of deferred credit doesn't that mean I just have to pay it off in that 18 month time period and then I won't have any interest rate calculated in? I thought the way it works is, that if I go over that 18 month period, then the entire 18months and the following month will stack upon eachother for 19 months of 22% interest. However If I pay it off before those 18 months are up, then I have no interest? I guess Im thinking wrong here?


EDIT: This is what the apple website says:
Get 18 months deferred interest on your first Apple purchase of more than $2500 or more. If balances are not paid in full within 18 months, interest will be charged from the purchase date at a 22.99% variable APR.1

and the ** is: Interest charges are deferred for the first 540 days (the promotional period) approximately 18 months for the purchase of Apple products between $2500 and above (inclusive of tax and shipping) that post to your new account in the first 30 days of account opening, provided you make timely payment of at least the minimum due each month and the initial Apple purchase balance(s) is/are paid in full on or before the 540th day. If the balance(s) is/are not paid in full at the end of the promotional period or you make a late payment, you will be charged interest from the date of the purchase at the purchase APR (currently 22.99%). This APR will vary with the market based on the Prime Rate. Please see terms and conditions for additional information, including the APR for purchases, balance transfers and cash advances, and subject to applicable law, the APR that may apply if your payment is received late, you exceed your credit line, or your payment is not honored by a bank.
 
Apollo7011 said:
Gotcha, but im still confused. If its 18 months of deferred credit doesn't that mean I just have to pay it off in that 18 month time period and then I won't have any interest rate calculated in? I thought the way it works is, that if I go over that 18 month period, then the entire 18months and the following month will stack upon eachother for 19 months of 22% interest. However If I pay it off before those 18 months are up, then I have no interest? I guess Im thinking wrong here?
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Ahh, there's the rub. 0% and deferred interest are two different things. Have you already applied?
 
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